A bankruptcy-court examiner said Dynegy Inc.'s board breached its fiduciary duty with an asset reshuffling that benefited billionaire Carl Icahn and other shareholders at the expense of creditors. A report by the examiner released Friday threw the Houston-based power provider's debt-restructuring plans for its main subsidiary into doubt, a setback for Mr. Icahn. The restructuring, executed before Dynegy's subsidiary filed for bankruptcy protection in November, was a "fraudulent transfer" that moved "hundreds of millions of dollars away from Dynegy's creditors in favor of its stockholders," said the examiner, Susheel Kirpalani, in a 173-page report. He suggested Mr. Icahn's representatives no...